Filene's Basement and Syms Among Assets for Sale at Auction
Needham, Mass.–based advisory firm Hilco Streambank will auction off the intellectual-property assets of Syms Corp. and Filene’s Basement in a yet-to-be-scheduled liquidation auction of bankrupt Syms Corp. and Filene’s Basement. In addition to the Syms and Filene’s Basement trade names, the sale will include internet URLs, websites and other assets, including Filene’s Basement’s trademarked “Running of the Brides,” an annual sale event. “Even though most Filene’s Basement and Syms stores are located east of the Mississippi, we regard both brands as truly national in scope,” said Jack Hazan, executive vice president with Hilco Streambank. “Who hasn’t seen Running of the Brides news stories on the ’Today’ show, ’Good Morning America’ or ’The Early Show’? It has become a piece of Americana. Additionally, the Syms brand has become synonymous with first-quality men’s suits as well as women’s and children’s apparel through its famous slogan, ’An educated consumer is our best customer.’” Both retailers have been conducting going-out-of-business sales since Nov. 16. There are 19 Syms stores, 14 Filene’s Basement stores and six combined store locations in 12 states and the District of Columbia. The sales are expected to continue through the holiday season. Filene’s Basement was founded in 1909, and Syms Corp. was founded in 1959. In 2009, Syms acquired the assets of Filene’s Basement Inc. in a bankruptcy auction. In November, the company announced plans to liquidate both stores.—Alison A. Nieder
